Metaverse in Healthcare Market Size to Touch 71.6 Billion by 2030 Amid Increasing Adoption, Awareness: Report

Metaverse technology is used to create immersive virtual ecosystems where people can work, play, explore, shop, and socialise as virtual avatars.

Written by Radhika Parashar, Edited by David Delima | Updated: 30 May 2024 18:33 IST

Metaverse in Healthcare Market Size to Touch 71.6 Billion by 2030 Amid Increasing Adoption, Awareness: Report

Photo Credit: Pexels/ @rf._.studio

InsightAce estimates that the global healthcare market to reach $70 billion valuation by 2030

Highlights

High costs of tech equipment is challenge for metaverse in healthcare
AR, VR make for essential elements of metaverse technology
Metaverse in healthcare likely to expand in Asia Pacific, North America

Metaverse technology has seen increasing adoption across multiple industries over the past few years. A report by research firm InsightAce Analytica has detailed the impact that metaverse technology is projected to have on the global healthcare sector. One of the main improvements that the metaverse is expected to show in the healthcare sector will be related to teleconsultations and helping professionals navigate through complex surgeries from other locations through augmented reality (AR).

Metaverse in Healthcare to Bring Improvements

The technology used in the metaverse can create immersive virtual ecosystems where people can work, play, explore, shop, and socialise as avatars. The blockchain technology supports metaverse ecosystems, which makes metaverse part of the Web3 industry.

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“While the Metaverse evolves, it holds new potential in healthcare by combining technologies such as Artificial Intelligence(AI), Virtual Reality(VR), Augmented Reality(AR), the Internet of Medical Devices, Web 3.0, intelligent cloud, edge, and quantum computing, and robotics, to provide new directions to healthcare,” a report by InsightAce states.

Healthcare professionals in trainings will be able to experience sensitive lessons and procedures through in more visual details through metaverse. The virtual ecosystems will also make remote consultations with doctors more effective, especially for those undergoing at-home care.

AR and VR make for essential elements of the metaverse technology and tech majors like Meta, Microsoft, and Samsung among others are diving deep into research and development around metaverse, which brings Artificial Intelligence (AI) and robotics together. The report has assessed that based on people's current engagement time with web and screens, technology like metaverse that combines multiple immersive technologies, will grow in adoption for mass use cases.

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In healthcare alone, the metaverse market is projected to reach the valuation of over $70 billion (roughly Rs. 5,91,260 crore) by 2030 at an compound annual growth rate (CAGR) of 34.8 percent, according to the report.

Metaverse in Healthcare: Challenges and Projected Areas of Growth

The Metaverse sector faces certain challenges that it will need to overcome before it sees a boom in its integration with healthcare. These include patient data privacy, high-tech equipment costs, and advanced digital healthcare infrastructure, the report says.

While many parts of the world are expected to take their own time in thoroughly exploring the metaverse, the regions of North America and Asia Pacific are likely to be market leaders in the metaverse healthcare sector. India. China, and Japan have also been named among lucrative locations for the growth of this integrated industry.

A number of research firms like InsightAce are conducting studies around metaverse technology and have reported varied projections. In February this year, a Spherical Insights report estimated that the global metaverse healthcare market is projected to reach a valuation of nearly $500 billion (roughly Rs. 41,44,020 crore) by 2033.

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Further reading: Cryptocurrency, Metaverse, Healthcare, Blockchain

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More